- Offer made after market closed on Friday 27 May
- Aliro offered $2.45 per AOF unit
- The company closed at $2.15 on Friday, and opened at $2.41 today
Australian Unity Office (ASX: AOF) fund announced this morning that it received a non-binding, indicative proposal from Aliro Group, on behalf of the Aliro Group Office Value Fund after the close of market on Friday 27 May.
The takeover bid sees AOF offered $2.45 cash per AOF unit by way of a trust scheme.
The terms of the proposal still see dividends for the period ending 30 June still paid, up to 3.80 cents per AOF unit, and 1.50 cents per unit for the period ending 30 September 2022 without any reduction to the offer price.
For each month (or on a pro-rata basis for part months) after 30 September 2022 until the trust scheme is effective, 0.50 cents per AOF unit can be paid without reduction to the offer price.
The offer price would be reduced by the amount of any other distributions announced or paid.
AOF’s largest shareholder, Hume Partners, has indicated its support of the proposal, intending to vote its 19.97% holding in AOF in favour of the proposal, in the absence of a superior proposal.
The proposal comes months after the proposed merger between AOF and Australian Unity Property Fund to create Australian Unity Diversified Property Fund failed.
On 17 January this year, AOF announced the mutual termination of the merger implementation deed, with AOF stating that “… feedback received from a small number of a small number of AOF’s largest unitholders was that they were not supportive of the Merger Proposal.”
AOF added that the company did however receive support from the majority of unitholders who voted.
